ATM Machine Industry Statistics

04/02/2024 Publisher

The global ATM Machine Industry market size reached US$ 23.3 Billion in 2023. Automated teller machines (ATMs) are electronic banking machines that facilitate basic transactions using credit or debit cards. They comprise a card reader, keypad, cash dispenser, printer, and display screen to show the user relevant instructions and account balance information.

They manage money and perform various tasks, such as cash withdrawal, deposit, and fund transfer. In recent years, ATMs have gained immense popularity as a quick, convenient and self-serving alternative to traditional bank tellers for smooth financial transactions.

As per the analysis by IMARC Group, the top companies in the ATM industry are focusing on adding an extra security layer to technologically advanced ATMs. They are integrating ATMs with enhanced security mechanisms, such as biometric authentication, fingerprint sensor, and one-time password (OTP) services, to prevent fraudulent transactions.

They are also launching intelligent Talking ATMs for users with special needs. Besides this, several key players are introducing contactless ATM kiosks amid the recent coronavirus disease (COVID-19) outbreak to enable users to withdraw cash in a safer and risk-free way by scanning a QR code on the screen without touching the interface. Furthermore, recent technological advancements, such as the integration of the internet of things (IoT) data analysis, digital convergence, and biometrics, are propelling market growth.

Other factors, including the development of innovative ATMs embedded with advanced features, such as Dynamic Currency Conversion (DCC) to facilitate smooth currency conversion for international travelers and the growing popularity of mobile ATMs, are also anticipated to create a favorable market outlook. Looking forward, IMARC Group expects the market to reach US$ 34.4 Billion by 2032, exhibiting a growth rate (CAGR) of 4.3% during 2024-2032.